trillion in unfunded liabilities with medicare and social security. at some point, now or later, right? >> absolutely. clearly though concessions will need to be made on both sides in this negotiation. what would you say each side needs to give up to make this happen to get this done? >> obviously, the democrats have to give up entitlements to some degree and the republicans have to lighten up on its defense. we spend more than the top ten countries in the world on defense over $1 trillion. so i think we spend six times more than china currently. like russia may have done in the old days, we may spend ourselves into obsoleteness. >> if we avoid the cliff are we putting a band-aid on bigger issues such as social security spending? obviously, something needs to be done to fix this for the future. >> right. the priorities of our country, who pays for it and how much government to we want? that's lining up republicans on one side, the democrats on the other. the differences have never been so stark. it's kind of a shirts and skins game in washington, as you know. 50/50 and this election wa
